April 17, 2024
Top Lines Senator Elizabeth Warren (D-MA) sent a letter to Secretary of the Treasury Janet Yellen, urging that any new cryptocurrency legislation must incorporate comprehensive anti-money laundering (AML) protections as specified by the Treasury Department in their November 2023 communication to Congress. In the letter, Senator Warren expressed concerns over the potential national security risks […]
April 12, 2024
Top Lines President Biden announced $7.4 billion in student debt cancellation for 277,000 more borrowers. The 277,000 borrowers are enrolled in the Administration’s SAVE Plan, or were approved for relief because of fixes to Income-Driven Repayment Plans and Public Service Loan Forgiveness. End of Week Wrap Up The Department of the Treasury’s Committee on Foreign Investment […]
April 10, 2024
Top Lines Senators Gary Peters (D-MI), Chairman of the Homeland Security and Governmental Affairs Committee, Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and Ron Wyden (D-OR), Chairman of the Senate Finance Committee, introduced legislation intended to address historic levels of fraud within federal funds that were passed to help Americans through the COVID-19 pandemic. The […]
April 3, 2024
Top Lines Securities and Exchange Commission (SEC) Chair Gary Gensler, Division of Enforcement Director Gurbir Grewal, Division of Enforcement Deputy Director Sanjay Wadhwa, and Commissioners Mark Uyeda and Hester Peirce delivered remarks at the SEC Speaks Conference. Speakers discussed the Commission’s Climate Rule, the materiality requirement for mandated disclosures, clearance and settlement, exchanges and alternative […]
April 5, 2024
Top Lines House Energy and Commerce Chair Cathy McMorris Rodgers (R-WA) and Senate Commerce Chair Maria Cantwell (D-WA) have a deal on a bipartisan data privacy bill they plan to unveil next week, Punchbowl News reported. The proposal would create a national data privacy standard, replacing assorted state standards. Companies would face limits on what […]
March 29, 2024
Top Lines The Consumer Financial Protection Bureau (CFPB) published their 2023 Consumer Response Annual Report. The report found increased complaints in credit reporting, widespread reports of fraud, issues with debt collection practices, and problems with student loan payments resumption. In the report, the CFPB encourages the use of the complaint data as a tool for […]
March 27, 2024
Top Lines President Joe Biden signed into law a $1.2 trillion spending package, keeping the U.S. government funded through a fiscal year that began six months ago. PresidentBiden described the package, which Congress overwhelmingly passed in the early hours of Saturday, as investing in Americans as well as strengthening the economy and national security. President […]
March 22, 2024
Top Lines The Federal Deposit Insurance Corporation (FDIC) Board of Directors proposed revisions to the Statement of Policy (revised SOP) on Bank Merger Transactions. The revised SOP will be published in the Federal Register with a 60-day comment period. The revised SOP updates the FDIC’s policies and expectations related to the evaluation of bank merger […]
March 20, 2024
Top Lines The Consumer Financial Protection Bureau (CFPB) published a blog providing input on proposed New York State legislative reforms that would strengthen the state’s consumer protection laws on abusive corporate conduct, highlighting the importance of bans on abusive conduct and emphasizing that the CFPB does not have a monopoly on policing abusive conduct. The […]
March 15, 2024
Top Lines Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra delivered remarks at the Financial Data Exchange Global Summit. Director Chopra spoke on the status of America’s shift to open banking, with a focus on the role of standard setters and standard-setting. Director Chopra also discussed the dangers of how the standard-setting process can be […]